FIFTY-FOURTH LEGISLATURESB 122/a
SECOND SESSION, 2020
February 12, 2020
Mr. President:
Your FINANCE COMMITTEE, to whom has been referred
SENATE BILL 122, as amended
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. Strike Senate Public Affairs Committee Amendments 6 and 7.
2. On page 2, between lines 14 and 15, insert the following new subsection:
"B. In regard to the distributions to the magistrate retirement fund and the judicial retirement fund, in December 2024 and in each December thereafter, the public employees retirement association, with the assistance of the administrative office of the courts, shall determine the funded ratio of each fund as of the end of the preceding fiscal year. If the funded ratio of the magistrate retirement fund for the preceding fiscal year is equal to or greater than one hundred percent, the association shall notify the department, and no further distributions pursuant to Paragraph (1) of Subsection A of this section shall be made. If the funded ratio of the judicial retirement fund for the preceding fiscal year is equal to or greater than one hundred percent, the association shall notify the department, and no further distributions pursuant to Paragraph (2) of Subsection A of this section shall be made.".
3. Reletter the succeeding subsection accordingly.
___________________________________
John Arthur Smith, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 10 For 0 Against
Yes: 10
No: 0
Excused: Campos, Rue
Absent: None
SB0122FC1.wpd .217550.1